The US Treasury imposed sanctions on four Iranian cryptocurrency exchanges, including Nobitex, the country’s largest platform. This move forms part of the broader "Economic Fury" campaign aimed at severing Iran’s access to global financial networks amid ongoing tensions and conflict involving the country.
Alongside Nobitex, the Treasury designated Wallex, Bitpin, and Ramzinex, prohibiting US persons and businesses from engaging with these platforms. Officials highlighted the exchanges’ roles in facilitating payments for sanctioned entities such as the Islamic Revolutionary Guard Corps (IRGC) and other regime-linked groups. The Treasury also added Nobitex’s CEO and chairman to the sanctions list.
The Treasury Secretary emphasized that while Iran’s economy suffers a severe downturn, the regime exploits digital asset technologies to bypass sanctions and shift wealth abroad. This digital evasion forms a critical front in the US effort to halt Iran’s nuclear ambitions and restrict its military financing.
Blockchain analysis identified Nobitex as central to Iran’s "digital dollar pipeline," handling around half of the country’s cryptocurrency transaction volume. The Treasury charged the exchange with facilitating state surveillance on civilians and supporting the regime’s repression tactics.
In addition to targeting crypto exchanges, the Treasury has disrupted tens of billions of dollars in funding channels linked to Iran’s oil trade, military activities, and shadow banking networks. This sustained pressure includes recent seizures of nearly $1 billion in cryptocurrency assets linked to Iranian platforms since the onset of conflict escalation earlier this year.